CORKI and DARIUS doctors who agreed to share profits and losses in the ratio of 60% and 40%,respectively. On April 1, 2021, their capital accounts were as follows: CORKI has P2,800,000 while DARIUS has P2,400,000. The two doctors agreed also to admit DRAVEN as a partner with a 1/3 interest in the capital and profits uponhis investment of P2,000,000. All partners assets and liabilities are fairlyvalued at the time of admission of DRAVEN. At amount is the capital balance of CORKI after the admission of DRAVEN?
CORKI and DARIUS doctors who agreed to share profits and losses in the ratio of 60% and 40%,respectively. On April 1, 2021, their capital accounts were as follows: CORKI has P2,800,000 while DARIUS has P2,400,000. The two doctors agreed also to admit DRAVEN as a partner with a 1/3 interest in the capital and profits uponhis investment of P2,000,000. All partners assets and liabilities are fairlyvalued at the time of admission of DRAVEN. At amount is the capital balance of CORKI after the admission of DRAVEN?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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CORKI and DARIUS doctors who agreed to share
CORKI has P2,800,000 while
DARIUS has P2,400,000.
The two doctors agreed also to admit DRAVEN as a partner with a 1/3 interest in the capital and profits uponhis investment of P2,000,000. All partners assets and liabilities are fairlyvalued at the time of admission of DRAVEN.
At amount is the capital balance of CORKI after the admission of DRAVEN?
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